Developer borrows $125M for St. Petersburg project

The real estate investment and development firm PTM Partners has closed on a $125 million construction loan to build Edge Collective II in St. Petersburg.

The three-year floating rate loan was arranged by Berkadia.

The money is for a 330-unit multifamily high-rise with 19,000 square feet of retail in the city’s downtown Edge District. The apartment tower is the second phase of the Edge Collective mixed-use development.

PTM, in a statement, says Edge Collective is “designed to create a walkable neighborhood combining housing, office space, retail, hospitality and communal spaces.”

The first phase included the Moxy St. Petersburg Downtown hotel, which opened in 2024, along with restaurant, retail and office space along with outdoor areas.

Berkadia’s Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins and Brad Williamson arranged the financing.

The firm previously worked with PTM Partners on the debt and equity capitalization of the project’s first phase, including arraigning $42 million in construction financing for the Moxy and the adaptive reuse components of development.

This story first appeared in CRE Central, the Business Observer's weekly commercial real estate newsletter..